Society Progress Report, May 18, 2016

Dear Fellow Members,

The Society’s all volunteer board has continued to reduce The Society’s overhead expenses through prudent oversight and commitment to our core goal of charity.

The Board has filed the Society’s 2015 Tax returns. This filing was submitted without the need for an extension of time and completed for significantly reduced costs then previous years. The costs have been reduced by more then 50% and achieved by a change in accounting firms and detailed recording provided by the Society’s Treasurer.

The Profit & Loss summary of the 2016 Gala shows a net profit of $21,567. This represents the first net profit of our Gala in several decades. The Board wishes to thank the 265 attending members and guests along with the generosity of our sponsors.

100% of the Gala profit will be distributed to worthy Charities.

The Board has continued to provide most administration services primarily in-house with volunteers thereby saving The Society what had been approximately $8,000 per year spent over the past decades.

The Board had made a change in Investment Managers resulting in a significant reduction in investment fees charged.

59 New Members will have been inducted from January 2016 to June 2016.

$135,200 in grants from the FSSP awarded to date in 2016.                         
Villanova/FSSP newly created scholarship fund has received $100,000.                          
St. Joseph’s University/FSSP scholarship fund is having an additional $25,000 added, bringing its current value to approximately $125,000.

The Board is engaged in discussion with other opportunities of potential University recipients for an endowed FSSP scholarship fund.